GCR noted that while the ratings were scheduled to be reviewed by 30 June 2017, and GCR is far advanced with the process, and is aware of several ongoing transactions that could have an impact on the ratings.

To this end, GCR is in discussions with ARM’s management as to the progress of these transactions and to their likely impact on the rating. Management have indicated that the transactions will likely be finalised during the course of July 2017 and therefore GCR expects to publicly release the updated ratings, incorporating the likely impact of the transactions, by 31 July 2017.